EXCLUSIVE: Yonkers Mayor Mike Spano’s Insight Affords Corrective Crisis Management Action to City’s Benefit By HEZI ARIS

eHezi Archives 4 Comments

NYS Supreme Court in WestchesterYONKERS, NY — October 15, 2012 — A new day has come to dawn upon the City of Gracious Living.
In reality, that day has now been engrained into the economic and political
fabric and culture for which the majority of voters elected Mike Spano Mayor of
Yonkers in November 2011. Ten months hence, the Spano Administration has
prodded and cajoled his trusted advisors to eclipse the principles adhered to
by past administrations to clear the decks for Yonkers future. The lack of
fiscal integrity for which Yonkers has too long thought of and maligned by
would no longer be accepted, much less tolerated. Fresh air was swirling about
City Hall. Yonkers Mayor Mike Spano has proudly stepped before all Yonkersites
with the resolve to right many past wrongs. The first of many similar wrongs
was filed with the Supreme Court of the State of New York in the County of
Westchester
on October 3, 2012.

The City of Yonkers (CoY) is the Plaintiff and I. Park
N-Valley LLC (I.Park); New York State Urban Development Corporation [d/b/a
Empire State Development Corporation], New York State Department of Taxation
and Finance
, and “John Doe #1” through “John Doe #12, the last twelve names
being fictitious and unknown to plaintiff, the persons or parties intended
being the tenants, occupants, persons or corporations, if any, having or
claiming an interest in or lien upon the premises described in the complaint
are the Defendants. The Premises refer to 470 Nepperhan Avenue, Yonkers, NY.
Joseph W. Cotter is the President of I.Park N-Valley, LLC. 

The court action summons a response of the Defendant with
regard to a complaint within 20 days of service of the Summons, or within 30
days after the service was completed. The document lists Joseph R. Curto, Esq.,
Attorney for Plaintiff, of the firm Veneruso, Curto, Schwartz & Curto, LLP.

The first cause of action by CoY against I.Park regards a
Mortgage Loan Assumption agreement entered into on November 10, 2006 and
recorded on Mach 8, 2007 in the amount of $3,000,000.00. The Defendant, I.Park
has failed to comply with the terms of the agreement. The Plaintiff, I.Park, is
the owner and holder of the said note and mortgage. The amount due on this
action is as follows:

Principal Balance:    
$2,877,468.63

Interest thereon:           180,933.07 (thru Sept. 30, 2012)

Late fees                          42,561.48

TOTAL DUE                $3,100,963.18

The second cause of action refers to the assignment and
assumption agreement of November 1, 2006 in which I.Park assumed the obligation
to pay a certain loan from the New York Power Authority to the City of Yonkers
in the original amount of $2,571,688.35 (NYPA Loan). Defendant I.Park has
defaulted in paying said NYPA Loan. The amount currently due and owing is
$1,703,312.57.

In total the Defendants are in arrears to CoY to the sum of
$4,275,000.92.

SOURCES:


Download COY v. I.Park N Valley. Summons Complaint

Download COY v. I.Park N Valley.Notice of Pendency

 

eHeziEXCLUSIVE: Yonkers Mayor Mike Spano’s Insight Affords Corrective Crisis Management Action to City’s Benefit By HEZI ARIS

Comments 4

  1. That nValley building has been a scam from the Spencer Administration and continued into the Dolla Fill regime.
    The taxpayer can never recoup the millions that supposedly went into the building and who knows where the money actually went.
    Even if Yonkers got $3 million back it cold never get the $21 million plus that went into that sinkhole and then was sold off to the friends and family club.
    Let’s see where this all goes but one has to ask how much is the lawsuit going to cost the taxpayer?
    AND ONE MORE THING, THIS IS SPANO’s way of avoiding the elephant in the room which is the gigantic cost of payroll to the taxpayer. He can dick around with a million here and there but the thing he needs to do most is enact cuts to all city salaries, and I mean ALL.

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